Oppenheimer Reiterates Outperform Rating on WillScot Mobile Mini Holdings Corp. (WSC)

Oppenheimer analyst Scott Schneeberger reiterated an Outperform rating and $46.00 price target on WillScot Mobile Mini Holdings Corp. (NASDAQ: WSC).

The analyst commented: "We anticipate WillScot continues to grow adjusted EBITDA in 3Q24 as rental rate growth is anticipated to more than offset lower volume y/y. Although cyclical pressure is tempering overall growth, and we're correspondingly tempering estimates, we view WillScot's long-term growth potential intact. The company's positioned to benefit from manufacturing re-shoring activity/infrastructure bill funds flowing and its rental rate growth remains solid, partly due to VAPS (incremental rental items inside a modular/ storage unit). Declining interest rates could potentially reinvigorate construction activity as soon as 2025E. WSC trades at 9.3x EV/EBITDA on our 2025E adjusted EBITDA, which is well below its four-year historical average of 11.4x estimated FTM adjusted EBITDA. We reiterate our $46 price target, which is based on 10x EV/EBITDA on our 2025E adjusted EBITDA."

For an analyst ratings summary and ratings history on WillScot Mobile Mini Holdings Corp. click here. For more ratings news on WillScot Mobile Mini Holdings Corp. click here.

Shares of WillScot Mobile Mini Holdings Corp. closed at $40.99 yesterday.

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